Nov 11, 2008

A remarkable article about world economic crisis

Japan's economy is highly efficient, highly diversified, because of they has well-educated work force, high savings and investment rates. However, GDP per worker has increased steadily even through the nineties, given that from 1993 to 2007, 10% of the population distribution moved from the "working age" to "elderly age". , Japan has inadequate natural resources to support its growing economy and large population 
Japan's service sector accounts for about three-fourths of its total economic output.
Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch , prompting some claims that Japan's fishing is leading to depletion in fish stocks such as tuna.Japan has also sparked controversy by supporting quasi-commercial whaling
Japan enjoys relatively high technological development include consumer electronics, automobile manufacturing,  semiconductor manufacturing, optical fibers, optoelectronics, optical media, facsimile and copy machines, and fermentation processes in food and biochemistry.
Australia’s growth rate since 1990 has averaged 3¼ per cent. That compares favourably against most (though not all) of the advanced OECD countries that we would normally take as a benchmark. One important aspect of that result is that, unlike a number of the other advanced countries, Australia avoided recession in 2001 
Australia’s inflation performance has also been good. Since the inflation target was first formulated in 1993, CPI inflation in Australia has averaged 2½ per cent – in the middle of the target zone. 
It is also noteworthy that both growth and inflation have on average become more stable over time. One way to summarise that is to look at the standard deviations of these variables over successive decades. Economic performance deteriorated markedly in the 1970s, but volatility has been reduced in each decade since then. In the current decade, the outcomes for GDP growth, and for inflation, have been only about half as variable as they were in the 1980s Notwithstanding this general trend, however, CPI inflation has been quite volatile in the latest year, for reasons I will come back to in a moment. After several decades of economy reformed, yet the economy is generally supported by tourism sector, financial products and services. Australia's largest export markets are Japan, China, the US, South Korea and New Zealand.
Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the form of liqufied natural gas and coal. 

No comments:

Post a Comment